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HomeMy WebLinkAbout0878 . . ~,.a ~ t.ender's written agnxment or applicabk i~w. Borrowe~ shap pay the atnount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disburscd by IxnJc~ pursuant to Ihis paragraph 7, with inlerest ihercon, shal) bccome additional imiebt~dness of Bor~owe~ secured by ~his Mortgage. Unless Borrawer anJ 1_enJer agrct to other tertns of payrt~ent. such amounts shall be payabk upcM ~tice from i.ende~ to Batrower requesting payment theroof, and shal! bear irtterast fran the date of disbursement at the rate payahk trom timc to time on outstanding principal under the Note unless payrne~t of interat at such rate would be contrary ta applicabk law, in which ev~nt such amounts shal) bear interest at the hiahest nte pennissibk under applicabk Iaw. Nothing contained in this pa~agraph 7 shall require i.e~der to incur any expense or take any action he~ut~der. . _ . s. laspectlo~. 1_ender may make or causc to be made reasonabk enlries ?~pon and inspections of the Property. provided that l.ender shall give Borrower notice pri~~r t~ any siKh inspection specifying reasonabk cause therefor related to Lender's intcrest in the Property. 9. Condemaatba. The procceds of a~y award or cfaim for damaga, dirocl or con.stquential, in connection with any condemnalian or other laking af the Property, ar part therrnf, or for caweyaoce in lieu of condemnation, are heteby astigned and shall be paid to i~nder. in the event of a tatal taking af the pmperty. the prcx:eeds shall be applied ta ~he sums securcd by this Mortgage, with the exccsc, if any, paid to Borrowe~. In thc cvcnt of a partial taking of the Property, unless Bormwer and I.ender otherwise agree in writing. there shall be applied to the ~ums securcd by this Martgage suc6 proportion of ihe proceeds as is equal to that proportion which the amaunt of the sumc secured by this Mortga~te immediately priar to the datt of taking b~ars to the fair market value of th~: Propcrty immediately prior to the date of taking, with the batance of the proceeds paid to Borrower. if the Property is ahandoncc! by Borrower, or if. aftcr notice hy I.ender to Bormwer that the condemnor offers to make an awa~d or settle a claim for damages, Borrower fail. to respond ta [.ender within 30 days after the date such natice is mailed, LenJer is authorized to coifect and apply ~he prc~ceeds, at t_ende~ c option, either to restoration or repair of the Property or ta the sumx sccured b}~ this Mortgalee. Uqless l_ender and Borrowe~ othenwi~e agree in writ~ng. any such application of prc~ceeds to principal shall not extend . or post~ne the due date of the monthly installmrnts referred to in paragraphc 1 and 2 hereof or c6ange the amount of such installments. ~10. Borrower 11Tot Released. Fxtencion of the time for payment or modiScation of amortization of the sums secured by this Mongagt qranted by I.ender t~~ any cuccessor in interect of Borrower shall not operate to release, in any manner, the liability ot the original Borrower and Bc.rrovver'~ successors in interest. t_ender shall not be rcquircd to commence proccedings against sueh successor or retuse to ertenJ time for payment or otherwice mcxlify amortizat~on ~f thc ~ums secured by this Mortgage by reason of :mp demand made b~• the oriQinal Borrower and Borrower's successors in intereu. U. Forbes~rance hy I.eader Not a Wai~•er. Am~ fc.nc~arance b}• t.ender in e~crcising any right ar remedy hereunder, or o~herwise afforded by applicahle law, shall not he a waiver of or preclude the. exercise oi any such right or remedy. The procurement of insurance or the payment of tarec or other ~iens or charges by I.ender shaQ not be a waiver of I_ender s right to aceclerate the maturity of the indehtedness sec~ired hy thic Mortgage. 12. Rtmedies Camulsti~rt. All remedies provided in this Mortgage are distinct and cumulative to any ather right or remedy under this Mortgage ar afforded hy law or equi~y, and may he exercised concurrenHy, independently or successively. ' 13. Snccessors and Assi~ns Boo~d: Joint ancl Se.•eral i.iabr'lity; Captbns. The covenants and agrcements herein conlained shall bind, and the rights hercunder xhall inure to. the respective successors and actigns of I_ender ac~d Borrower. subject to the provisions of paragraph 17 hereof. All covenaMs and agreements of Borrower shall be joir~ and several. 'Ihe captions and headings of the paraeraphc of ~hic Mongage are for ronvenience only and are not to he used t~ interpret or defirte the proviciom hcreof. 14. Notice. Ezcept for any notice reyuired unckr applicable law to be given in another manner, (a1 any notice to Borrower pmvided for in this Mortgaee ~hall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addres. as Borr~wer may designate by ootice to i.ender as provided herein, and (b) any notice to Lender sha11 he givcn by cenifnd mail_ return receipt .requested. to I.ender s address stated herein o~ to such other addresc as Lender may decignate hy nn~ice t~. Borrower as provided herein. Any notice pmvided for in ihis Mortgage shall be deemed to havc hcen g+~•cn to Bc?rmwer ~~r 1_ender when given in the manner designated herein. 15. Uniform Mort~;a~e; Governin~ I.aw: Se~•erability. Thic form oi mortgage combines i~niform covenants for national use and non-uniForm covenantc with IimiteJ variations h}~ jurisdiction to constit?~te a uniform security instrument covering real property. This Mortgage shaH tx: govcrned h~~ ~he law of the jurisdiction in which the Property is located. Tn the event ~hat any provision or clau~e of thi~ Morls:~ee ~r the I~ote conflicts wit6 applicabk iaw,~such conflict shall not al'fect other provisions of this Mortgage or the Notr ahich c:~n he given eBect wilhout the conflicting provision, and to this end the provisions of ~he Mortgage and the ~?ote are ~Icclared to be severable. l6. Borrowe~s Copy. BorroK~er shall t?n furni.hed a conformed copy of the Note and of this Martgage at the time of execution or after recordation hereof. 17. Transfer of the Properfv: Acsumption. if a!! ~r am• part of the Pmperty or an interest therein is sold or transferred by Borrower without l~nder's prior writi.n cun~ent, c~cluding (al the creation of a lien or encumbrance sohordinate to this Mongage. Ib) the creahc?n of a purrha~e m~.nc~~ ~CCUrity interest far household apptiances, (c) a transter h~• devise, descent or by operation of law upon the dca~h of a jomt tenant or (di the grant of any leasehold interest of thrcc }•cars or lcts not containing an option to pe~rchase. I_ender may, ~ ~ Lender's optian, declare all the sums secured by this Mortgage to be immediately due and payable. I.ender ~hall ha.~e w;.ieed s~~ch option ~o accelerate if, prior to the cale or transfer. [_enJer and the person ta whom the Arope~~y i. bc co1J or transferrcd reach agreement in writing that the credit af wch perzon is satisfaetory to I_encier and that the interr.t pa~•abie rn the sums secured by ~his Mortgage shall be at soch rate ac l.ender shall request. lf I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's ~uccessor in interest has executed a written assumption agreement accepted in writing by I.ender, Lender shall relea~e Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to acceterate. I.ender st~all mai! 8orrower notice of acceleration in' accordanc< ich paragraph 14 hereof. Such notice shall provide a pe~icxl of not less than 30 days from the date the nutice is mailed with~n which Borrower may pay the sums declared due_ lf Borrower faik to pay such sums prior to the expiration of c~ch per~~xt. [.ender may, without furiher ootice or dcmand on Horrower, invoke any remedia permitted by paragraph f R hercof. Notv-UxtFOa~?t Covetv~Nrs. Borrower and l.ender further covenant and agree u follows: l8. Accekration; Remedies. Except as pmvided in psra~nph 17 6ereof. upoe don~ciwer's Meac6 of any coveaant or agreemeat of Borror?er in this Morigsge. includi~ t6e coreaants to psy when due any snms secsred by th~s Mo~t~age. I,ender prior fo actekraHoa shaU mai! aotice to Eorro~ver as prorided in psraarspA 14 bertot specKyiu~: (1) the bresch: (21 ~he action reqnL~ed to eere soc6 breac6; (3) a dste, not !ess than 30 days from the date the notke is ma0cd to sorrower. by which wch breach mnst be cered; snd (4) thst faflure to cure soch breach on or betore Ibe date specN'ied in tbe notice may nsuk in accekratioo of the soms secured by this Mortgage. fo?ectowrr by jndkial proceedin~ ~d sale of tbe Property. 7be notice shall further infarm Borrower of the ri~bl to reiratate ~fter sccekration and t6e rigbt lo as~ert in the forecbsure pruceedi~ tbe noa-existence of a detauN or any olher defense of Bonower to accekration and foreclosure. If tbe bresch is not cured on or 6efore the date specj6ed ia tbe notice. Lende~ at I.ender's option may dcclare aq of the soms secend by this Mort~aRe to be immediately due aad payabk witt~out fnriher demand and mar forrcbse tbis Mort~a`e by jydicial proceedinR. I.ender chall be eotitltd to coliect in saci p?oceedin~ all expenses of foreclosnre. inclodiut, but dot limited to, «asoaable attnrney's tees. 'ad costs of docnmestary eridenee, abstracls and titk reports. 19. Bon~ower's Ri6ht to Reiastste. Nc?tw•ithctand~ng l.ender's accdention of the sums xcurcd by th~s Martgage. Borrower shall 6ave the right to have any procerdings hc~run ny l.ender to enforce this Mortgage discontinued at any time .~i:JCr f~?~ 8~ ' ; • - . _ . _ . , . . . . _ y ~ T ' xa? ~ . : .~"j y.- ~ .^v '~e- " ~^e ~ ~ ~ ~~'x . µ~,~,+.^r°' -„~r..^ ~ r„+s - - ^'~'"t . _ . r„~i-~'',~~"~°'`'~~:. - - a_~~ 2:~.